Rumor: Sunshine Cinema Sale a Done Deal

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We reported back in March that a buyer had a purported $31.5 million contract out on the 1898-era Sunshine Cinema. Now two months later, the rumor mill is again in overdrive mode. Word on the street is that the transaction reportedly closed yesterday.

The Lower East Side blog further notes that the property may have been flipped a couple times before the ink even dried on the alleged deal.

We couldn’t confirm these allegations, though. And as of this morning, there is no public record of sale.

No one we spoke to at the Sunshine Cinema had any idea what’s going on. “It’s just a rumor, but they don’t tell us anything,” one employee quipped. There is uncertainty over whether they’ll have a job come January, around the time the current lease ends.

Landmark Theaters, operator of the Sunshine, was previously struggling to keep up with maintaining this location. Mainly due to the rising rents. That was the impetus behind an ill-fated liquor license application four years ago to convert the movie house into a dining destination much like Nitehawk Cinema in Williamsburg.

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Bowery Boogie is the largest site dedicated to covering the news and lifestyle of the Lower East Side neighborhood and its residents. It is known for a keen wit and combination of hard-hitting news coverage and lifestyle stories. Founded in 2008, Bowery Boogie is headquartered in New York City.